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Liberty Property Trust Completes Sale of Office and High-finish Flex Portfolio

2012-04-03 18:33 ET - News Release

49 assets sold in five markets

MALVERN, Pa., April 3, 2012 /PRNewswire/ -- Liberty Property Trust (NYSE: LRY) today announced that it has completed its anticipated sale of 49 properties totaling 2.5 million square feet of space in Wisconsin, Maryland, Virginia, North Carolina and New Jersey for approximately $195 million. The properties consist primarily of single-story and mid-rise office buildings and high-finish flex properties. The properties were 83% leased when the transaction closed on April 3, 2012.

"The completion of this sale furthers Liberty's strategic plan to decrease our exposure to the suburban office market, while increasing our industrial concentrations," said Mike Hagan, executive vice president and chief investment officer. "In the last 10 months we have completely exited the suburban office market in Milwaukee, Richmond, and Greensboro, and we have significantly decreased our office portfolio in New Jersey."

About Liberty Property Trust
Liberty Property Trust, headquartered in Malvern, PA, is dedicated to enhancing people's lives through extraordinary work environments. The real estate investment trust (REIT) serves customers in the United States and United Kingdom through the development, acquisition, ownership and management of superior office and industrial properties. Liberty's 77 million square foot portfolio offers exceptional locations and flexible design to 1,700 tenants in more than 600 properties. The company is a leader in the development of high performance green buildings. For more information please visit www.libertyproperty.com.

Addendum: List of Properties Sold

Property Name and Location	Business Park	Type	Square Feet
7800 N. 113th Street, Milwaukee, WI	Liberty at Park Place	Office	80,569
11950 W. Lake Park Drive, Milwaukee, WI	Liberty at Park Place	Office	35,749
11400 W. Lake Park Drive, Milwaukee, WI	Liberty at Park Place	Flex	36,545
11425 W. Lake Park Drive, Milwaukee, WI	Liberty at Park Place	Flex	35,817
11301 W. Lake Park Drive, Milwaukee, WI	Liberty at Park Place	Flex	40,020
11900 W. Lake Park Drive, Milwaukee, WI	Liberty at Park Place	Flex	36,522
11414 West Park Place, Milwaukee, WI	Liberty at Park Place	Office	86,723
12100 West Park Place, Milwaukee, WI	Liberty at Park Place	Flex	56,293
11100 West Liberty Drive, Milwaukee, WI	Liberty at Park Place	Office	88,259
11020 West Plank Court, Milwaukee, WI	Tosa Business Park	Office	49,061
11300-90 West Theodore Trecker, West Allis, WI	Liberty Point	Flex	39,927
11548 West Theodore Trecker, West Allis, WI	Liberty Point	Flex	51,292
11420 West Theodore Trecker, West Allis, WI	Liberty Point	Flex	25,000
20935 Swenson Drive, Brookfield, WI	Crossroads Corporate Center	Office	71,276
20975 Swenson Drive, Brookfield, WI	Crossroads Corporate Center	Office	71,200
20825 Swenson Drive, Brookfield, WI	Crossroads Corporate Center	Office	39,729
10050 S. 27th Street, Oak Creek, WI	Corporate Preserve	Office	44,160
2440 W. Corporate Preserve Dr., Oak Creek, WI	Corporate Preserve	Flex	68,700
4050 Piedmont Parkway, High Point, NC	Mendenhall Business Park	Office	220,562
4135 Mendenhall Oaks Parkway, High Point, NC	Mendenhall Business Park	Office	33,758
4100 Mendenhall Oaks Parkway, High Point, NC	Mendenhall Business Park	Office	55,250
4015 Meeting Way, High Point, NC	Mendenhall Business Park	Office	30,844
4194 Mendenhall Oaks Parkway, High Point, NC	Mendenhall Business Park	Office	26,752
4196 Mendenhall Oaks Parkway, High Point, NC	Mendenhall Business Park	Office	19,647
4020 Meeting Way, High Point, NC	Mendenhall Business Park	Office	15,000
4008 Mendenhall Oaks Parkway, High Point, NC	Mendenhall Business Park	Retail	12,864
4160 Mendenhall Oaks Parkway, High Point, NC	Mendenhall Business Park	Distribution	107,480
4170 Mendenhall Oaks Parkway, High Point, NC	Mendenhall Business Park	Flex	43,040
4180 Mendenhall Oaks Parkway, High Point, NC	Mendenhall Business Park	Flex	33,440
4191 Mendenhall Oaks Parkway, High Point, NC	Mendenhall Business Park	Flex	45,100
9101, 9105, 9111,9115 Guilford Road, Columbia, MD	Rivers Technology Park	Flex	53,054
9125,9135,9145 Guilford Road, Columbia, MD	Rivers Technology Park	Flex	85,216
8945, 8955, 8965, 8975 Guilford Road, Columbia, MD	Rivers Business Commons	Office	101,596
7178-7180 Columbia Gateway, Columbia, MD	Fox Run Business Center	Office	88,895
1001 Boulders Parkway, Richmond, VA	The Boulders	Office	78,995
7400 Beaufont Springs Drive, Richmond, VA	The Boulders	Office	76,981
1100 Boulders Parkway, Richmond, VA	The Boulders	Office	133,302
701A Route 73 South, Marlton, NJ	Marlton Executive Park	Office	93,766
701C Route 73 South, Marlton, NJ	Marlton Executive Park	Office	27,802
3000 Atrium Way, Mount Laurel, NJ	Horizon Corporate Center	Office	108,416
2000 Crawford Way, Mount Laurel, NJ	Horizon Corporate Center	Flex	74,013

SOURCE Liberty Property Trust